Income taxes are going up next year, and not just for those who earn more than $200,000 a year.
Taxes are likely to be higher for everyone. We all know about the expiring Bush tax cuts, which may or may not be extended for everyone or just some. There are also new taxes that were part of the healthcare reform law passed in 2010; the expiring payroll tax cut; the alternative minimum tax that already expired in 2011, and many other provisions that have expired or will expire at year end.
Nearly everyone should prepare to pay more.
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